Good morning! Britain’s Supreme Court ruled trans women are not legally women, Elise Stefanik might run for N.Y. governor, and new research looks at how early exposure to entrepreneurship makes all the difference.
– Kid-friendly business. In the U.S. and across the rest of the world, there is an entrepreneurship gap between women and men: Women create fewer businesses, and the businesses they do create account for far less revenue than those of their male counterparts. What would it take to make up the difference?
According to research by Maddalena Ronchi, an assistant professor of finance at the Kellogg School of Management, early exposure to other entrepreneurs could make significant headway.
Ronchi’s research makes use of multiple Danish population-wide registries that track the career paths and connections of nearly one million people from adolescence to adulthood—giving her a holistic view on outcomes for 786,660 individuals between 1980 and 1992. Using the data, she and her co-authors were able to investigate whether exposure to entrepreneurs early in life might influence whether someone, male or female, would later start a company.
The short answer: That early influence does indeed matter—but only for girls. Being exposed to a peer’s entrepreneur parent altered teen girls’ educational and career trajectories, making them more likely to continue their education after compulsory school—which ends at age 15 or 16—and less likely to hold low-wage jobs. The effect was not found when looking at the same data on teen boys.
Another interesting finding: The women who had early exposure to entrepreneurs had more successful businesses than those launched by men and women who did not. The businesses lasted longer and employed a higher share of women.
Although the reasons for the influence can be debated, Ronchi says it’s likely that there’s simply growing awareness at play—when teen girls learn that a certain career trajectory is available to them, one they may not have even known existed previously, they are more likely to pursue it. And learning about these jobs between the ages of 13 to 16, when Danish students are considering what the next step is in their educational journey, is crucial.
This research is important, Ronchi says, not just for those who care for gender equity and equal opportunity broadly, but because entrepreneurs create companies and jobs. Attracting the right talent, irrespective of gender, helps the economy. Though the research uses Danish data, she believes that the conclusions would hold up in the U.S. as well.
“In a way, this exposure is something that seems to be reducing not only the barriers that women may face in entering this profession, but also the barriers they may face in succeeding in this profession,” says Ronchi.
Alicia Adamczyk
alicia.adamczyk@fortune.com
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ALSO IN THE HEADLINES
- Trans rights. The Trump administration sued Maine for allowing a few transgender athletes to play women’s sports. Janet Mills, the state’s governor, said this lawsuit was more about the federal government being “bent on imposing its will,” rather than actually protecting women. Across the pond, Britain’s Supreme Court ruled that trans women are not legally women under the Equality Act.
- New York state of mind. Rep. Elise Stefanik (R-N.Y.) is reportedly considering running for New York governor, with $10 million cash on hand, according to sources. Stefanik, an ally of President Donald Trump, recently lost her nomination to be the U.S. ambassador to the United Nations, as her departure from the House threatened Republicans’ already thin majority. Wall Street Journal
- Not normal. Beth Hammack, president of the Cleveland Federal Reserve, said “we may not be in Kansas anymore” when it comes to normal market conditions under the Trump administration’s tariff policy. Barron’s
- Bought the dip. Rep. Marjorie Taylor Greene (R-Ga.) shared earlier this week that she purchased stock the day before and the day that President Donald Trump paused global tariffs—between around $21,000 and $315,000 in stocks. Ahead of the pause and subsequent stock market soar, Trump encouraged people to invest. New York Times
MOVERS AND SHAKERS
Athletes Unlimited, which owns professional women’s sports leagues, named Kim Ng commissioner of the Athletes Unlimited Softball League (AUSL). Ng, former general manager of the Miami Marlins, was previously a senior advisor for Athletes Unlimited.
A Sense of Home, a nonprofit working to prevent homelessness, named Georgie Smith president. She is the organization’s founder and current CEO.
SkySafe, a drone detection technology developer, appointed Eileen Treanor as CFO. Most recently, she was CFO at LeoLabs.
AI-powered work management platform Smartsheet named Pratima Arora chief product officer. Most recently, she served as chief product and technology officer at Chainalysis.
Athena Capital, a women-led growth fund, appointed Elena DeVoe as director. She previously worked for UBS Private Funds Group.
Madhive, which provides a unified operating system to local media companies, appointed Laura Colona as chief of staff. Most recently, she was SVP of marketing at Talon.
ON MY RADAR
The tactics Elon Musk uses to manage his ‘legion’ of babies—and their mothers Wall Street Journal
‘We can’t pit boys against girls’: Headlines overshadow struggles of a generation of girls Guardian
What porn taught a generation of women The Atlantic
PARTING WORDS
“I don’t think that [we] ever expected it to be embraced by Wall Street bros, at all. That was not our intention.”
— American Psycho director Mary Harron on the film’s (unexpected) fanbase
